Sprinkle yeast over warm water and stir lightly to mix; let stand 5 minutes, then mix in milk and set aside.
Cream butter until light, add sugar, and continue creaming until fluffy.
Add eggs, one at a time, beating well after each addition; mix in salt.
Add flour alternately with yeast mixture, beginning and ending with flour.
Beat vigorously with a wooden spoon until smooth and elastic.
Place in a well-buttered bowl, cover with cloth, and let rise in a warm, draft-free place until doubled in bulk, about 1 hour.
Beat dough hard with a wooden spoon 100 strokes.
Transfer to a buttered and floured 3-quart crown mold or bundt pan, cover, and let rise in a warm place 25-30 minutes until doubled in bulk.
Meanwhile, preheat oven to 350° F.
When dough has risen, bake about 1/2 hour until well browned and hollow sounding when tapped.
Unmold, cut into thick wedges, and serve steaming hot with lots of butter.